Polygon Price(MATIC)

Bebop, a decentralized exchange (DEX) incubated by crypto trading firm Wintermute, has launched on Polygon.Compared to other DEXs, Bebop has the ability to trade a basket of tokens in a single transaction, a feature the project calls its signature “one-to-many” and “many-to-one” trading."Imagine the future where you are able to convert any digital asset you own to any other asset, from an NFT collectible on one chain to tokenized crypto company bond issued on another,” said Evgeny Gaevoy, CEO of Wintermute, referring to non-fungible tokens.Bebop says it chose to launch on Polygon due to the network’s “low fees, high speed and sustainable proof-of-stake model." Bebop first launched on the Ethereum blockchain this past June.By decentralized finance standards, “Polygon fees are negligible, which is paramount for delivering this efficiency to all users, for any transaction size,” said Bebop’s head of product, Katia Banina, in a statement.Bebop’s announcement also coincides with several other recent partnership announcements for Polygon.Last Wednesday, Facebook parent company Meta announced it would allow creators to sell NFTs on Instagram using technology offered by the Polygon blockchain. The same day, banking giant JPMorgan said it completed its first-ever decentralized finance transaction over Polygon.Polygon’s MATIC token has rallied 40% in the past week, reaching a six-month high of $1.29 on Monday, according to CoinDesk data.

The advance in scaling solution Polygon's native cryptocurrency, MATIC, has accelerated in the wake of positive news and bullish chart patterns.MATIC has rallied 30% in two days, reaching a six-month high of $1.15 on Friday, according to CoinDesk data. The climb has lifted the cryptocurrency's cumulative gain since the end of June to 270%.The latest leg higher could be attributed to Web2 giant Meta's decision to launch a toolkit allowing users of social media platform Instagram to mint and sell Polygon-powered non-fungible tokens (NFTs), or digital collectibles. Polygon is the first partner that Meta has chosen for the new feature."Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram," Meta announced Wednesday. "They’ll have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and showcasing to selling."On the same day, investment banking giant JPMorgan successfully executed its first decentralized finance trade over Polygon.MATIC's rally since then suggests that despite lingering concerns about the global economy, investors are ready to snap up coins with positive fundamental developments that promise increased use cases.The investor preference for news-driven trading is also evident from Thursday's 60% surge in AR, the native coin of the decentralized storage solution Arweave after Meta said it would utilize the Web3 platform to archive digital collectibles.According to Markus Thielen, head of research and strategy at crypto services provider Matrixport, MATIC's rally could have legs."Polygon's MATIC could be a core long position here as Meta (Facebook) is serious about luring TikTok influencers away and becoming more active on its Instagram platform," Thielen said. "Pledging to take zero commission on sales – contrary to Apple's 30% cut on all NFT sales on the App store – is a key selling point."Meta said it won't charge fees to create or sell NFTs until 2024. However, 30% sales deductions will be applicable for the store fees. A core long position refers to a primary long-term bet that satisfies both fundamental and technical research criteria."The Meta announcement has brought attention to MATIC and Arweave, and traders seem to be pairing long positions in these coins with short [sell] positions in perpetual futures tied to bitcoin," said Matthew Dibb, COO and co-founder of Stack Funds."Taking U.S. dollar exposure out of the trade seems to be the best thing to do right now," he said, drawing attention to the surging MATIC-BTC ratio, which has jumped to the highest since January on Binance.Golden crossoverThe MATIC/USD daily price chart shows the 50-day simple moving average (SMA) has crossed above the 200-day SMA, confirming what chart analysts call a golden crossover.The pattern indicates the recent average price is higher than the long-term average price, a positive signal indicating the progression of an uptrend.The daily chart shows bullish developments. (TradingView)MATIC has toppled resistance at $1.055 (the Aug. 14 high), having breached a downtrend line last month. The next resistance is lined up at $1.24, the Feb. 24 low.Open interest jumpsThe dollar amount locked in futures tied to MATIC, also known as open interest, has nearly doubled from $209 million to $415 million in 24 hours, according to data source coinglass.com.An increased open interest implies an influx of new money into the market. An uptick in open interest, along with an increase in the price of an underlying asset, is said to confirm an uptrend."Its a sign that traders are building new long positions," Matrixport's Thielen wrote in a note to clients.

India's crypto industry has formed a new advocacy body almost four months after the previous one was disbanded under cloudy circumstances, according to three people familiar with the matter who didn't want to be named since the decision has not been made public.The body will be called Bharat Web 3 Association (BWA), a shift in branding toward Web3 from the earlier Blockchain and Crypto Assets Council (BACC). The word Bharat represents the nation of India.The BACC was disbanded in July by its parent organization, the Internet and Mobile Association of India (IAMAI). That dampened the mood of the crypto ecosystem during a crypto market downturn, stiff new taxes and macroeconomic factors had severely hurt the industry and its consumers.Leading members of the new association involve Polygon, Hike, Coin DCX, CoinSwitch Kuber, Zebpay, and Wazir X, making it the most prominent Web3 advocate in the country. While some registration and procedural formalities remain, the association is set to be announced Thursday, the people said.The goals of the body include driving awareness about Web3, pushing for technology and innovation, supporting ecosystem partners, and outreach to regulators to communicate steps towards consumer protection.CORRECTION (Nov. 3, 11:01 UTC): Corrects acronym of BWA in second paragraph.